Deals and Financings

Samsung BioLogics filed for an IPO on South Korea's main board that will raise between $1.8 and $2.7 billion, valuing the company at $9 billion (see story). Samsung BioLogics, the biopharma subsidiary of electronics conglomerate Samsung, aims to become the world's largest biologic drug CMO. It is also developing its own biosimilar drugs. According to IMS, the global market for biologic drugs will be over $390 billion by 2020 -- representing nearly one out of every three dollars spent for drugs -- which explains why so many pharmas are investing in biologic/biosimilar infrastructure. 

Bio-Techne (NSDQ: TECH) closed its acquisition of Advanced Cell Diagnostics for $250 million in cash plus $75 million in contingent payments if milestones are hit (see story). Both companies are headquartered in the US and supply laboratory tools. ACD was founded by prominent China-US scientists, Dr. Yuling Luo and Dr. Steve Chen. ACD has developed an RNA in situ hybridization technology that monitors gene expression at the cellular level, while maintaining important morphology information. 

Neusoft Xikang Healthcare Technology raised $64 million to support its online healthcare operations in a funding led by PICC Property and Casualty (see story). Neusoft Xikang is a division of Neusoft Medical, a medical imaging company, which is in turn a division of China's giant IT company, Neusoft (SHA: 600718). Xikang will use the capital to integrate its online health management services with commercial insurance and sensing technology. The investors in the funding include companies involved in insurance and wearable health monitoring devices. 

Bristol-Myers Squibb (NYSE: BMY) will reacquire the rights to ASLAN002 from Singapore's ASLAN Pharma. ASLAN002 is a dual inhibitor of the cMET receptor tyrosine kinase and RON immune checkpoint (see story). BMS will make a $10 million upfront payment and will pay up to $50 million in development and regulatory milestones. ASLAN will also be eligible to receive royalties on global sales of the molecule. ASLAN in-licensed China rights (plus selected Asian countries) to ASLAN002 in 2011. In March of this year. ASLAN reported positive results from a Phase I trial of the drug candidate. 

Maxhealth Medicine, which distributes high-tech medical devices in China, invested $1.3 million in the UK's Rex Bionics PLC (LON: RXB) (see story). Rex has developed a robotic device that allows wheelchair-bound people to walk, which Maxhealth is already distributing in China. The capital will buy shares of Rex at 30 pence each. Maxhealth is headquartered in Wuxi, Jiangsu Province. 

Zhejiang Hisun Pharma (SHA: 600267) expanded its oncology partnership with US-based Celsion (NSDQ: CLSN) to include GEN-1, Celsion’s proprietary gene mediated, IL-12 immunotherapy (see story). The two companies have signed a long-term technology transfer, manufacturing and commercial supply agreement that gives Hisun the China rights to GEN-1. Celsion has completed a Phase Ib trial of GEN-1 as a treatment for first-line ovarian cancer with promising results. Previously, Hisun and Celsion agreed to partner on China rights for ThermoDox®, Celsion's heat-activated liposomal encapsulation of doxorubicin. No financial details of the new agreement were disclosed. 

ScinoPharm Taiwan (TWSE: 1789) has formed a discovery/development collaboration with another Taiwanese pharma, CVie Therapeutics (see story). The collaboration will identify a next-gen oral compound for Istaroxime, CVie's infused treatment for acute heart failure. The oral formulation will facilitate use in both acute and chronic heart failure. CVie,  a JV established by Lee's Pharm of China and venture capitalists, will contribute its screening expertise. ScinoPharm, which is already providing API for the infused version of the drug, will provide medicinal chemistry design and synthesis. 

Trials and Approvals

Magellan Diagnostics, a Boston area medical device company, received CFDA clearance to market its LeadCare® II Blood Lead Testing System in China (see story). Using two drops of blood, the portable system quantifies the lead level in a person's blood in three minutes. The system is intended for use in clinics and doctors' offices. Because high levels of lead are known to retard children's development, the system is aimed primarily at parents who fear their children are at risk. Magellen was acquired by Meridian Bioscience (NSDQ: VIVO), a diagnostics company, for $66 million earlier this year. 

Company News

CANbridge Life Sciences, a Beijing in-licensing pharma, assigned manufacturing responsibilities for CAN-017, an ErbB3 (HER3) inhibitory antibody, to Boehringer Ingelheim China (see story). BI currently runs a clinical-supply CMO operation at BioLab in Shanghai. It is building a $81 million biologics CMO facility in Shanghai's Zhangjiang Park that is slated to begin operations in 2017. BI is one of the first CMOs admitted to China's pilot Marketing Authorization Holder (MAH) program, which will allow, for the first time, approval of drugs that are manufactured by third parties. 

WuXi AppTec, the China CRO/CMO, announced that Shanghai SynTheAll Pharma (STA), WuXi's small-molecule process development and manufacturing subsidiary, is opening a San Diego site (see story). The new facility, the first US presence for STA, will provide process R&D and API manufacturing services for early phase clinical studies. The San Diego facility will join three other sites, all of them in China: STA has two facilities in Shanghai, and it opened a new $100 million Chengdu facility in February of this year.